Silver X announced some amazing news yesterday regarding its exploration and concentrate sales in yesterday’s news release.
- Absolutely amazing results from the Maria Luz mine: 195,159 tonne inferred resource grading 496.10 g/t Ag (nearly quadruple the currently producing Tangana mine and double Esperanza)
- Recently completed a 4,000m drill program now commencing a 25,000m expansion program with a budget of around $5.0M+
- Phase 2 drilling will target Maria Luz, Esperanza, Tangana, and Mantos (I expect a lot more drilling results coming soon)
The most crucial piece of news (at least to me) is the reported revenues of $6.5M YTD from the Tangana Mine by selling their silver-polymetallic concentrate. This sets them apart from other junior mining companies because most of them don't even produce an ounce for years during exploration. This extra revenue generated gives them another competitive edge against their fellow junior miners as well. Extra revenue can go towards funding exploration = not as much financing needed therefore less dilution for shareholders!
More here: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2860-tsx-venture/agx/103379-silver-x-announces-usd-6-5m-in-ytd-concentrate-sales-completion-of-4-000m-infill-drilling-and-commencement-of-25-000m-resource-expansion-and-definition-drill-programme.html
Overall, $AGX has to be my favourite junior mining company in Peru. With a market cap of only $46M and a ton of exploration and production coming soon, this one is highly undervalued.